Public versus Private Ownership: The Federal Lands Case

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Abstract
“Privatization” of public lands has been urged on the grounds that it will provide a more efficient allocation of the nation's resources. However, there are some public policy objectives which private ownership and free markets are not equipped to achieve. Historically, these objectives have motivated legislation authorizing retention of some land in public ownership. Indeed, land in both forms of ownership is required to achieve a full range of both public and private goods and services. However, since inefficiencies in the allocation of resources will occur under either form of ownership, careful monitoring of economic activities in both sectors is more likely to achieve improvements than arguing for exclusive reliance on only one system of property rights.

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